Taxes and Finanace

Opportunity:              

The Commonwealth of Kentucky should engage in comprehensive reform of the state’s budgeting process and set new priorities that reflect economic reality.

Approach:

1. Adjust the state’s budget to reflect a focus on education and realign spending on corrections and public employee benefits.
2. Sunset all state programs with fiscal impact, increasing the frequency with which each measure is reviewed.
3. Reform the state’s pension system by testing the inviolable contract; enacting reasonable increases to employee contributions to support benefits; and increasing the service requirement.

Opportunity:            
The Chamber supports long-term sustained revenue reform that keeps Kentucky’s businesses competitive and encourages job growth.

Approach: 

1. Develop a tax structure that provides certainty and incentive for businesses to grow, including making business tax exemptions permanent. 
2. Identify revenue sources such as expanded gaming and review the cigarette tax